Fitch Ratings has affirmed the ratings of Siderurgica del Turbio SA as follows:

1. Foreign currency Issuer Default Rating at 'B+'
2. Local currency IDR at 'B+'
3. USD 100 million unsecured notes due 2016 issued by Sidetur Finance BV, a wholly owned subsidiary of Sidetur at 'B+/RR4'
4. National scale rating at 'A+(ven)'
5. The Rating Outlook is Stable.

The affirmation reflects Sidetur's strong competitive position in its local market as one of two leading steel companies in Venezuela, as reflected by its 42% market share in rebar. It has demonstrated a solid financial performance for its financial year ending September 30th 2008 with EBITDA of USD 142 million as compared to USD 126 million in September 30th 2007 and committed projects pointing to a relatively healthy year for 2009.

The ratings incorporate operating volume reduction in the medium term as a result of an expected slowdown in local construction, following reductions in public expenditure driven by lower oil prices. Fitch rates the Bolivarian Republic of Venezuela with a FC and LC IDR of 'B+' and has assigned a 'B+' country ceiling to Venezuela.

The Stable Outlook highlights Sidetur's strong position within its rating category, which factors-in sovereign risks and the associated limitations resulting from governmental policies and regulations that can affect the performance and increase cash flow volatility of private sector companies.

(Sourced from www.businesswire.com)